The VMBB will be issuing bonds at the end of February, the proceeds of which will be used to make loans to municipalities for the construction and renovation of facilities and infrastructure. The upcoming pool is expected to have 7 borrowers requesting $34.7 million in loans. Two of the borrowers will be in the Bond Bank’s first “Green Bond” issue.
Key dates for this mid-winter bond sale are –
February 7, 2017 – the VMBB Board will meet and consider applications for bond financing.
February 8, 2017 – the VMBB will email to the 2017 borrowers term sheets with the terms of the loan as applied for. Using the term sheet, a borrower may change the loan amortization schedule, change the amount of loan being applied for or withdraw the loan application completely. The loan amount may only be reduced but not increased in amount. The original/amended term sheet, signed by an authorized official, must be returned to the Bond Bank NO LATER THAN February 13, 2017.
February 23, 2017 – Bonds will be sold to investors and the interest rates will then be fixed for the life of the bond series. The first interest payment for these loans will be due on November 1, 2017. Principal payments will be due starting November 1, 2018 and thereafter until the loan is repaid. If you applied to have your principal payments deferred, that deferral will be shown on your term sheet.
March 15, 2017 – The bond closing will be held and the bond proceeds will be transferred to the VMBB’s trustee. The trustee will allocate the proceeds to each individual borrower’s loan account.
March 16, 2017 – Individual loan repayment schedules will be sent to each borrower.
March 16, 2017 and thereafter – Borrowers may requisition loan proceeds from the trustee.
Over the next several weeks, you will be receiving a series of notices with additional information on the upcoming bond sale and loan administration. Topics will include: trustee Information; appointment of Authorized Representative; collateralizing and investing the funds in your trustee held account; filing requisitions; post issuance compliance; and Certificate of Project Completion. This information will be distributed via email as well as being posted to the Announcements section of the VMBB website.
Notify the VMBB promptly if changes should be made to this email distribution list.
Please do not hesitate to contact Bob Giroux (802-654-7377, email@example.com) if you have any questions or would like to discuss these announcements further. Thank you.
This Notice has been posted to the Announcements section of the VMBB website and will be kept there through the end of 2017 for ease of access and availability.